Home repairs?

[Christy Flowers]

hi!! I'm currently wanting to rent a house out. (First timer) 

The repairs I want to do are very simple especially since my budget is going to tight. 

My question is when I bought my house the inspector requested that I get some electrical work done. And that the house wasn't up to code. 

The cost of this is going to be high.  Should I get this fixed before hand? I have lived hear for 3 years with zero problems. 

Or do I go ahead and rent the house and save up to fix this problem? Also will they be able to get renters insurance